Understanding how to invest in crypto from scratch is mandatory for Jzeey who want to enter the digital currency market or crypto currency. Especially for Jzeey who are novice investors.
Cryptocurrencies are now increasingly popular and increasingly in demand, along with the development of technological sophistication. Even so, there are many reasons someone chooses to invest in other digital currencies or cryptocurrencies. However, the common and main reason is usually because of the tantalizing exchange rate.
Eits, but before we move on to how to invest in crypto. Make sure that Jzeey have studied all things related to the crypto market, to the risks and consequences, yes.
So, if Jzeey are really ready and interested in investing in cryptocurrencies.
Come on, look at the ways and steps to start investing in crypto from scratch:
1. Select an Exchanger and Open a Crypto Account
The first step that Jzeey need to take is to create an account or account at an exchange registered and supervised by the Commodity Futures Trading Regulatory Agency (BAPPEBTI).
Just like in the world of stocks, exchangers are securities where we transact crypto. There are many options for crypto exchanges that you can choose from, including Indodax, My Account Dotcom Indonesia, Crypto Indonesia Berkat (Crypto Shop), Upbit, Pintu, Zipmex, and many more. Registration for an account or crypto account can also be done online through the application available on your smartphone.
2. Get KYC (Know Your Customer) Verification
After opening an account on an exchange, to be able to transact immediately, you must first get KYC verification. This verification is useful to protect every participant on the exchange and ensure the AML (Anti Money Laundring) policy is running properly.
Generally, the KYC verification process, where you must upload a photo of your original ID clearly, fill in your personal data, and take a selfie without facial attributes, such as a hat or glasses. The data will then be processed within at least 1 working day. Make sure the data you provide is true and accurate, yes.
3. Make a Deposit
Furthermore, if you already have an account, Jzeey only need to make a deposit at the exchange. This step can be done through a digital wallet, bank, or with your own crypto coin. On each exchange, there is also a list of coins that are accepted as deposits.
The deposit methods offered by exchangers include bank transfers (accounts and Virtual Accounts), e-wallet, PPOB, credit cards, or debit cards. In addition, deposits can be made in the form of coins, either Bitcoin, Ethereum, or other types of crypto coins.
You can see a list of coins accepted as deposit on the exchange where you opened an account. Exchanges will issue wallet addresses to send coins from other exchanges.
4. Buy Crypto First
Then, before starting to make transactions, you must choose the pair or pairs you want to trade. Pair is a type of currency that can be analogized as when buying foreign exchange.
For beginners, the safe way to choose the first coin is to choose a cryptocurrency that is in the Top 5 on Marketcap. Because, of course, these coins have great value. The coins that are most often perched on the Top 5 Marketcap are usually Bitcoin, Ethereum, Binance, XRP, Tether, and many more.
5. Crypto Analysis
To understand market movement patterns and make decisions in buying or selling assets. You also need to analyze the crypto that is the focus of your trading. There are many analytical techniques that can be done, such as fundamental analysis and technical analysis.
6. Start Making Transactions
After determining the pair and analyzing the crypto you want to trade. You can place an order by entering the price and number of coins you want to buy, then the required amount of rupiah will appear. Jzeeys can choose the type of order taker or maker.
If you choose a taker, the order will be placed immediately according to the market price. The number of coin holdings is immediately updated and the amount of rupiah deposits will decrease according to the number of purchases.
If you choose a maker, the order does not occur immediately or is postponed until it matches the desired price. As long as there is no match, the order will continue to wait in the "order book".
Please note, the unit for buying and selling coins or crypto assets can be up to eight digits behind the comma. For example, 0.00000001 BTC, so you too can start trading with small numbers.
The sales process is not much different from the buying process. However, after successful execution, rupiah deposits will increase and coin holdings will decrease.
7. Withdraw Crypto to Rupiah
Well, how to withdraw your crypto coin assets into rupiah is quite easy, that is, only by submitting a withdrawal in the application you are using. In addition, you can withdraw coins held on the exchange by entering the wallet address to which the coins are sent.
The withdrawal process into rupiah itself takes a few minutes to 1 x 24 hours. This is because exchangers use banking networks to send money. Hence, the withdrawal process is usually determined by the process at the bank as well.
However, if you don't want to use a bank account for cryptocurrency withdrawals. You can transfer your assets to your PayPal account or other digital wallets, such as OVO and Go-Pay.
8. Paying Fees Based on the Number of Transactions
In return for the services of the exchanger, you have to pay a certain amount of fees needed to make a withdrawal. The fees can be seen on each exchange.
In addition, each exchange also sets a minimum and maximum withdrawal amount for rupiah and crypto coins. This is because each exchange has different policies.
9. Transfer Crypto Assets to Wallet
If after making a purchase, the coin does not want to be immediately sold. You can store your crypto assets in a wallet.
According to its meaning in Indonesian, a wallet is a place to store crypto assets. Investors will of course get different wallet addresses. It is the wallet address that will be used to send or receive crypto assets.
When making a crypto purchase, the coins will be stored in a digital wallet or wallet. There are two types of wallets available for Bitcoin crypto assets, namely hot wallets and cold wallets.
Hot wallets on Bitcoin are wallets operated by crypto exchanges. You can also access the coins stored here via the internet or the application you use.
Hot wallets are also divided into two types, namely Electrum and Mycelium. Hot wallets themselves are still very risky to use. Because if it gets hacked, information related to your crypto assets is automatically threatened.
Meanwhile, it is different from hot wallets. A cold wallet is a crypto digital wallet in the form of portable hardware, similar to a flash drive. There are two popular types of cold wallets, namely Trezor and Ledger Nano.
Well, that was how to invest in crypto from scratch that Jzeey s must understand as novice investors. All stages are done online, yes. Good luck investing in crypto assets, Jzeey s.